The tired old measure of bull and bear markets are a 20% move in one direction… a purely arbitrary measure of bull/bearishness, but something that a lot of people tend to latch on to.

With that definition, we are currently in a bull market. Even before Friday’s surge, the S&P 500 has gone from a low of 741 at the end of November to a high of 918 around mid-December. That’s a 24% gain in a month, making it a bull market by the “20%” definition.

Does it feel like a bull market to you?